ORANGE, Conn. (AP) _ Avangrid Inc. (AGR) on Tuesday reported second-quarter net income of $107 million.
On a per-share basis, the Orange, Connecticut-based company said it had profit of 34 cents. Earnings, adjusted for pretax expenses and non-recurring costs, were 41 cents per share.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 48 cents per share.
The diversified energy and utility company posted revenue of $1.4 billion in the period.
Avangrid expects full-year earnings in the range of $2.22 to $2.50 per share.
Avangrid shares have increased slightly more than 3 percent since the beginning of the year. The stock has climbed 16 percent in the last 12 months.